Headlines

Govt establishes Business Advisory Council to develop industrial coverage

Published

2 weeks ago

November 18, 2023

ISLAMABAD: The federal authorities of Pakistan has launched the Business Advisory Council (IAC), a consortium of 13 main industrial entities throughout the nation. This initiative goals to spearhead the event of a strong industrial coverage very important for financial development.

Caretaker Federal Minister for Commerce & Industries, Dr Gohar Ejaz, expressed his enthusiasm in main this initiative. In an announcement shared on the social media platform X, he introduced, “Excited to announce the formation of the Business Advisory Council, comprising 13 high teams in Pakistan.”

The listing of members contains distinguished names similar to Fortunate Cement, Fauji Basis, Hilton Pharma, and Dawood Group, amongst others. Dr Ejaz emphasised the collective effort, stating, “Collectively, we can be formulating a strong industrial coverage that may drive financial development and improvement.”

The Industries and Manufacturing Division of the federal government will lengthen secretariat help to the council. The council is scheduled to convene weekly, with a dedication to ship its ultimate report inside ten weeks, as outlined within the assertion. Dr Ejaz, serving because the Minister for Industries and Manufacturing, will maintain the positions of IAC’s convener and chairman. Moreover, he has the authority to co-opt people from the general public or personal sector, if deemed obligatory.

Personal sector illustration within the council includes distinguished people similar to Fawad Ahmed Mukhtar, Muhammad Ali Tabba, Waqar Ahmed Malik, Abdul Samad Dawood, Raza Mansha, Shahzad Asghar Ali, Samir Chinoy, Amir Fayyaz Sheikh, Shahbaz Yaseen Malik, Ahsan Bashir, Syed Hyder Ali, and Farooq Naseem. These people characterize a few of the greatest conglomerates of Pakistan. In the meantime, the general public sector can be represented by key officers together with Extra Secretary (In-charge), I&P Division; Secretary, Finance Division; Secretary, Commerce Division; Chairman, Federal Board of Income; and Chief Secretaries of the provincial governments, together with GB & AJK.

The Joint Secretary (IF), I&P Division, will act because the Secretary of the Committee. A various illustration from each sectors goals to make sure a complete and inclusive method in formulating the nationwide industrial coverage.

Because the nation eagerly awaits the outcomes of this collaboration, Dr Ejaz urged the council to “chart a path in direction of a affluent future.”

Headlines

FBR freezes PIA’s financial institution accounts over Rs55bn unpaid federal excise responsibility

Published

4 hours ago

November 30, 2023

Pakistaneo.com

The Federal Board of Income (FBR) has taken motion to freeze all financial institution accounts of Pakistan Worldwide Airways (PIA) attributable to non-payment of federal excise responsibility, including to the airline’s ongoing monetary challenges.

FBR officers report that PIA’s excellent liabilities for federal excise responsibility have reached Rs55 billion as much as September 2023. Regardless of repeated notices, the airline has failed to handle these obligations. Moreover, the tax liabilities for October 2023 stay unresolved as tax returns for that month are but to be filed.

The Massive Taxpayers Unit (LTU) in Karachi, a subsidiary of FBR, executed the freezing of PIA’s accounts with the purpose of recovering the excellent tax liabilities. Already, an quantity of Rs1.5 billion has been recovered and deposited into the nationwide treasury. Banks have been instructed to promptly switch any funds obtained in PIA’s accounts to the FBR’s treasury accounts.

Latest reviews point out that PIA has not filed returns since February, and a tribunal’s order requires the airline to promptly pay Rs2.77 billion. The freezing of accounts occurred two days earlier than the top of the month, deviating from the same old follow of such actions happening on the month’s final day.

It’s pertinent to say right here that final month, PIA confronted operational disruptions, together with flight cancellations and delays, attributable to unpaid dues to the state’s oil advertising firm, Pakistan State Oil (PSO). Studies from Bloomberg spotlight that PIA’s liabilities stand at Rs743 billion (roughly $2.5 billion), surpassing its complete property by 5 instances.

PIA sought extra borrowing of over Rs7 billion from banks amid considerations about potential flight operation suspensions amidst a extreme monetary disaster. The airline has approached the Aviation Division for quick loans, together with a government-guaranteed possibility for securing Rs7.5 billion.

Headlines

Pakistan’s cotton exports see a big rise this season, transport 125,000 bales

Published

5 hours ago

November 30, 2023

Pakistaneo.com

Pakistan has efficiently exported a minimal of 125,000 cotton bales, with prospects indicating additional enchancment in export volumes.

Notably, all export offers have been secured by a singular cotton ginner from Sindh, Dr. Jasso Mal, with locations together with China, Vietnam, and Indonesia.

It’s anticipated {that a} comparable amount of cotton bales shall be exported within the remaining length of the season. The present season marks a possible document, contemplating that cotton exports haven’t surpassed six digits since 2017-18 when the determine reached 207,424 bales. In distinction, the nation exported solely 4,900 bales in 2022-23, 16,000 bales in 2021-22, and 70,200 bales in 2020-21.

Ginners attribute this upswing in exports to the superior high quality of lint and favorable worldwide markets, drawing international consumers to Pakistani cotton.

Based on Cotton Ginners Discussion board Chairman Ihsanul Haq, the absence of typical rains in most cotton-growing areas has positively influenced crop high quality. Moreover, a big issue has been the document devaluation of the rupee, making native cotton extra aggressive on the worldwide stage.

Haq acknowledges that the potential document in cotton exports may need been greater if not for a decline in lint yield in Punjab on account of a extreme whitefly assault. Environmental air pollution has additionally negatively impacted the business.

Headlines

Senate committee sad with SBP’s probe into Rs70bn photo voltaic panel rip-off

Published

6 hours ago

November 30, 2023

Pakistaneo.com

The Senate Standing Committee on Finance expressed its dissatisfaction with the State Financial institution of Pakistan (SBP) over its dealing with of the investigation into the trade-based cash laundering of over Rs70 billion by way of the import of photo voltaic panels.

The committee, chaired by Senator Saleem Mandviwalla, met on Wednesday to debate the problem for the third time, however discovered the newest report by the SBP to be insufficient and missing in new data or progress.

The committee members questioned why the SBP was not sharing the total particulars of the case, when the Federal Board of Income (FBR) had already established the proof of cash laundering by way of the duty-free imports of photo voltaic panels.

A consultant of the SBP advised the committee that the banks concerned within the case had been recognized and penalised, however didn’t disclose their names.

The committee members, together with PMLN’s Musadik Malik and Saadia Abbasi and PTI’s Mohsin Aziz, demanded that the SBP present the entire data and the names of the banks to the Senate panel.

Senators additionally identified that the cash laundering was a critical offence, particularly at a time when the nation was going through international change constraints and needed to limit important imports.

Mandviwalla mentioned he had been suggesting that the case ought to be referred to the Federal Investigation Company (FIA) for a radical probe, because the SBP was not giving a transparent image to the committee.

PMLN’s Malik mentioned the FBR and Customs authorities had revealed that 63 importers had laundered cash by way of over-invoicing of photo voltaic panels, however this was primarily based on an audit of solely 200 out of 450 importers. He mentioned the whole sum of money laundering could possibly be as excessive as $2.5 billion if all of the importers had been audited.

Customs officers reiterated their earlier stance that they’d began the investigation in October 2022 and located 63 importers concerned in over-invoicing of photo voltaic panels, which had been imported from China however funds had been routed to the UAE or Singapore. They mentioned the photo voltaic panels weren’t bodily examined by the customs as they had been duty-free objects and solely good declarations (GDs) had been introduced to the customs desks.

The FBR had reported that photo voltaic panels had emerged as a high-risk merchandise for over-invoicing and trade-based cash laundering as a consequence of their duty-free import standing and the absence of gross sales tax on native provide.

They mentioned the photo voltaic panels, which had been imported at Rs72.83 billion, had been bought within the home market at nearly half the value, i.e. Rs45.61 billion.

Customs officers mentioned they’d registered instances in opposition to the most important suspects, together with Rab Nawaz and his spouse of Shiny Star Firm, who had been now on bail. Senator Mohsin Aziz mentioned the Shiny Star had laundered round Rs40 billion by way of two banks.